In its first year following its transfer from the Israeli government to Knafaim Arkia Holdings, El Al reported the highest annual net earnings in its history, a $64.1 million profit that represented a 94% increase over 2004 earnings of $33.1 million. Revenues rose 17% to $1.62 billion against a 9.7% decline in operating expenses to $1.2 billion. The airline said it realized $65 million in fuel hedge gains as fuel costs climbed 44% to $388 million. Operating profit jumped 53.7% to $89 ...

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